Might be some selling because some people thought there might be additional bidders coming in for either of the two companies. That looks unlikely to happen at this point. I wouldn't pay too much attention to what happens to the stock price prior to the merger. The ARBs may be out in full force over the next few weeks squeezing pennies out of the delta in stock prices.
Merger was always the end of June and there was always going to be a vote by both companies.
The only thing that was happening at the end of May was the mailing of the circular. Now, it is possible one set of shareholders vote no to the deal, but I think it is pretty unlikely at this point. There is no major she holder discontent.
ALU IPD + ALU Access + NOK Wireless + cash from ALU submarine + Cash from NOK HERE = very strong company going forward. Comparable to Huawei in China, but there is no Western world direct competition for combined company. It is similar to a Cisco-Ericsson merger on a smaller scale.